Economy
IMF Approves $204m for Rwanda’s PSI-Supported Program
By Modupe Gbadeyanka
The Executive Board of the International Monetary Fund (IMF) on Monday completed the sixth review of Rwanda’s performance under the Policy Support Instrument (PSI) and the first review of the arrangement under the Standby Credit Facility (SCF).
The Board’s decision was taken on a lapse of time basis.
Requests for an 18-month SCF arrangement with access of about $204 million or 90 percent of Rwanda’s quota and to extend Rwanda’s PSI-supported program through end-2017, were approved by the Board on June 8, 2016.
Half was disbursed upon approval of the SCF arrangement, and with completion of the first review of the SCF arrangement another $48.65 million becomes available for disbursement.
The remaining financing will be considered in two subsequent reviews in 2017. Rwanda’s PSI-supported program was originally approved on December 2, 2013.
In completing the reviews, the Board also approved modification of end-December 2016 program targets (to reflect new information on external assistance) and granted a waiver for a minor and temporary non-observance of the continuous zero limit on external arrears accumulation.
The main near-term objective of the current programs is to respond to adverse global developments, most notably commodity prices, which has led to growing external imbalances, resulting in pressure on the Rwandan franc and the banking system’s foreign exchange reserves. Restoring external sustainability is imperative for realization of medium-term program objectives, namely sustained high and inclusive growth, including through public infrastructure investment, and reduced dependence on donor support through higher domestic revenues.
Early evidence suggests that the short term adjustment policies have been effective in addressing external imbalances. The authorities have continued to allow exchange rate flexibility to serve as the main policy adjustment instrument, with depreciation of 9 percent over the first 10 months of 2016, complemented by modest fiscal consolidation and monetary tightening.
These demand management policies have been accompanied by the government’s home-grown ‘Made in Rwanda’ initiative, which seeks to substitute domestic production for some key imported goods, and export promotion efforts.
Performance under the program has been strong, with almost all program targets set through end-June 2016 and structural reforms through end-September 2016 being achieved.
The agreed policy mix remains appropriate for safeguarding external and fiscal sustainability, while supporting growth objectives. If current trends continue, the current account deficit should fall over the course of 2017-18, bringing official reserves above 4 months of imports.
The authorities have acted decisively to address growing external imbalances and thereby should avoid more painful adjustment that otherwise would have been needed, as illustrated by the experience of some other countries adversely affected by commodity prices.
Inflation pressure is currently supply driven with end-year inflation projections of 6.0 percent and 5 percent over the medium term. But the situation should be monitored closely to assess potential second-round effects of the inflationary impact of a depreciated exchange rate, and more monetary tightening may be needed if inflation pressures are greater than projected. Clearer communication regarding the policy stance could help steer inflation expectations. Decisive efforts would be needed to develop minimum conditions for inflation targeting within the agreed East African Community timeline.
Looking ahead, risks to the growth outlook are balanced. The government’s deliberate incentives to promote domestic production and add value to its exports should keep growth buoyant. However, should the drought be prolonged, both growth and inflation could be adversely affected.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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